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    • Fed Tries to Unclog Credit Markets With $900 Billion

      Posted by Jeff from Cnbc

      The Federal Reserve will provide as much as $900 billion in cash loans to squeezed banks in an urgent effort to break through a dangerous credit clog that threatens the economy and has unhinged financial markets around the globe. The Fed's action is aimed at spurring spooked financial institutions, which are hoarding cash, to lend not only to each other but also to individuals and businesses.

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    • Breakdown of the final bailout bill

      Posted by Jeff from MSNBC

      Section-by-section breakdown of the "Emergency Economic Stabilization Act of 2008," otherwise known as the $700 billion Wall Street bailout bill. The 106-page bill established sweeping powers for Treasury Secretary Hank Paulson, and his successor, in carrying out what the bill calls the "Troubled Asset Relief Program," whose acronym is TARP.

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      Marketplace Wrapup: Kai Ryssal on Henry Paulson Email Scam

      Posted by Jeff

      Just to show you that somebody's got a sense of humor about the crisis on Wall Street. . . . There's an e-mail making the rounds. Maybe you've seen it. Starts like this: "Dear American, I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude." If you're thinking it's one of those Nigerian scams, read on. "I am Ministry of the Treasury of the Republic of America. My country has a crisis that has caused the need for large tranfer of funds. . ." and so on. Signed, of course, Henry Paulson. If you're interested, just go ahead and send your account information. There's an e-mail address we can get you.

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      David Cay Johnston Tells Journalists to Question Financial Bailout

      Posted by Jeff from Poynter

      In covering the proposed $700 billion bailout of Wall Street don't repeat the failed lapdog practices that so damaged our reputations in the rush to war in Iraq and the adoption of the Patriot Act. Don't assume that Congress must act instantly, as so many news stories state as if it was an immutable fact. The Administration has scared the markets and some key legislative leaders, but it has not laid out a coherent, specific and compelling need for this enormous proposal, which is the equivalent of a one-time 55 percent income tax surcharge. (Instead the money will be borrowed, so ask from whom and how this much can be raised so quickly if the credit markets are nearly seized up with fear.) Ask this question -- are the credit markets really about to seize up?

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  1. thumbnail

    musocial comments on:

    David Cay Johnston Tells Journalists to Question Financial Bailout

    It is all to go to hell,it is all the government stratage,they delight and never suerring the miserableness,the casualty is civilians,  it need a new world ,  new party and new policy,I hope the new world to come.

    Reply »

    12:49 am 9/25/08
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    probusinessreviews comments on:

    David Cay Johnston Tells Journalists to Question Financial Bailout

    question the proposal?  hell yes we should. we should take time on this to ensure the administration doesn’t make another costly and foolish mistake.

    Reply »

    1:38 pm 9/24/08
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    thaimat comments on:

    David Cay Johnston Tells Journalists to Question Financial Bailout

    Sadly, I agree with Joseph, and the politicians handle pain one way-use less KY when they stick it to the taxpayers, then stick their head in the sand.  So the answer must be this-Do Nothing, until you know what to do, that will solve the problems.

    Reply »

    9:40 pm 9/23/08
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    webjoseph comments on:

    David Cay Johnston Tells Journalists to Question Financial Bailout

    The problem is that no Politician – Dem or GOP – wants to be seen as "doing nothing". And they want to get as much campaign mileage as they can as soon as possible. The only courses of action available quickly are minor variations on the Administration’s proposal. So I’m guessing that the Bush NeoCons will get to squeeze one last huge payday for their pals before President Obama and the next congress get to fail miserably at trying to rectify a situation that will be beyond anything but very painful measures. And we all know how pols handle pain.

    Reply »

    9:31 pm 9/23/08
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    papadavid comments on:

    David Cay Johnston Tells Journalists to Question Financial Bailout

    yes, we should not repeat the mistake we made with 9/11.  we should not be fooled (again) into taking quick, foolish action.

    Reply »

    4:57 pm 9/23/08
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    tigerkarn comments on:

    David Cay Johnston Tells Journalists to Question Financial Bailout

    This is the old Republican technique, fear, scare and bully. Can you imagine, today someone of the boys told Congress unless they pass this right now we would probably "have a recession." Spare me. These guys closed their eyes and cheered the country into this. Now the same guys are trying to tell us they have the only answer to get us out of it. Spare me! 

    Reply »

    3:14 pm 9/23/08
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    Jeff comments on:

    David Cay Johnston Tells Journalists to Question Financial Bailout

    There is an opportunity here for the Democrats in Congress to do the right thing and position themselves well for the fall election. I think doing less is more … and when the sky doesn’t fall for the middle class, this plan will be exposed for what it is.

    Reply »

    12:51 pm 9/23/08
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    Jeff

    Member since Oct 2008

    Jeff is the founder of NewsCloud. He is also a freelance writer and blogs at Idealog.

    Seattle


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    thaimat

    Member since Oct 2008

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    marcuscrockett2

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    Founder and President of Appreciating Assets, LLC a wealth building media site that provides news, inspiration and education about wealth building strategies.

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